Private bankers at DBS Bank say they have three missions for their wealthy clients: help them create wealth, help them succeed and make sure they have enriching lives. Over the years, the Singapore firm has done just that, making it Asia’s most impressive private bank.
Even in 2020, during one of the world’s worst health crises, DBS proved resilient. Client assets at the private bank grew 7%, year on year, to S$265 billion ($200 billion), while fee income from its wealth business rose 11%.
That momentum continued into 2021 too. In the first quarter, DBS’s gross fee income from wealth management hit a new high of S$519 million, surpassing the S$418 million recorded in the same quarter in 2020.
There are several reasons for its success in Asiamoney’s awards. One was the bank’s focus on revamping the training for its relationship managers so that they are able to provide more holistic advice to clients.
Under the leadership of Joseph Poon, group head of DBS Private Bank, the firm's relationship managers underwent an average of 100 hours of training in 2020.